{"id":303211,"date":"2026-10-12T17:22:01","date_gmt":"2026-10-12T11:52:01","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=303211"},"modified":"2026-10-12T17:22:01","modified_gmt":"2026-10-12T11:52:01","slug":"ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/","title":{"rendered":"IPO GMP: Bonfiglioli vs Tonbo vs Sahajanand Medical vs Zetwerk, Dates, Price Band, Issue Size, Lot Size and Key Details of Four IPOs Opening 15 October With Rs 8,873 Crore in Total"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>IPO GMP: four IPOs open 15 Oct, close 19 Oct; anchor 14 Oct; allotment 21 Oct; listing 23 Oct. Bonfiglioli Rs 558-586 (Rs 2,534 cr), Tonbo Rs 665-700 (Rs 852 cr), Sahajanand Rs 327-344 (Rs 475 cr), Zetwerk Rs 143-151 (Rs 5,012 cr). Only Zetwerk GMP found: Rs 30.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Four IPOs open on 15 October and close on 19 October, with anchor bidding on 14 October, allotment around 21 October and listing on 23 October, and issue sizes range from Rs 475 crore to Rs 5,012 crore. Bonfiglioli Transmissions has a price band of Rs 558 to Rs 586, Tonbo Imaging Rs 665 to Rs 700, Sahajanand Medical Technologies Rs 327 to Rs 344 and Zetwerk Rs 143 to Rs 151, and each needs about Rs 14,650 to Rs 14,950 for one retail lot. The only IPO GMP I could find was Rs 30 (about 19.9%) for Zetwerk on an undated page, which implies a listing near Rs 181 (my calculation), and I could not confirm reliable figures for the other three. Grey market premium is an unofficial indicator, so weigh the business quality, valuation and financials, and note that Zetwerk is loss-making and Tonbo&#8217;s latest quarter was a loss.<\/p>\n<\/p><\/div>\n<p>IPO GMP, or grey market premium, is the first thing many investors check, but it changes by the hour and is not recognised by SEBI or the exchanges. This week is busy because four issues open together, which splits investor attention and money.<\/p>\n<p>This guide compares the four IPOs side by side: dates, price band, issue size, lot size, structure, financials, and the IPO GMP where available, plus what to check before you apply.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#IPO_GMP_and_Dates_Four_IPOs_One_Calendar\" title=\"IPO GMP and Dates: Four IPOs, One Calendar\">IPO GMP and Dates: Four IPOs, One Calendar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#IPO_GMP_Comparison_Price_Band_Issue_Size_and_Lot_Size\" title=\"IPO GMP Comparison: Price Band, Issue Size and Lot Size\">IPO GMP Comparison: Price Band, Issue Size and Lot Size<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#IPO_GMP_Data_What_I_Could_Find\" title=\"IPO GMP Data: What I Could Find\">IPO GMP Data: What I Could Find<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Financial_Snapshot_Behind_the_IPO_GMP_of_the_Four_IPOs\" title=\"Financial Snapshot Behind the IPO GMP of the Four IPOs\">Financial Snapshot Behind the IPO GMP of the Four IPOs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#The_Four_IPOs_in_Brief_Before_You_Check_IPO_GMP\" title=\"The Four IPOs in Brief Before You Check IPO GMP\">The Four IPOs in Brief Before You Check IPO GMP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#How_to_Use_IPO_GMP_and_Key_Details_Before_You_Apply\" title=\"How to Use IPO GMP and Key Details Before You Apply\">How to Use IPO GMP and Key Details Before You Apply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Risks_Across_the_Four_IPOs\" title=\"Risks Across the Four IPOs\">Risks Across the Four IPOs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#What_to_Watch_Next\" title=\"What to Watch Next\">What to Watch Next<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#When_do_the_four_IPOs_open_and_close\" title=\"When do the four IPOs open and close?\">When do the four IPOs open and close?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#What_are_the_price_bands\" title=\"What are the price bands?\">What are the price bands?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#What_are_the_issue_sizes\" title=\"What are the issue sizes?\">What are the issue sizes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#What_is_the_Zetwerk_IPO_GMP\" title=\"What is the Zetwerk IPO GMP?\">What is the Zetwerk IPO GMP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#What_is_the_lot_size_of_each_IPO\" title=\"What is the lot size of each IPO?\">What is the lot size of each IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Which_IPOs_have_fresh_issues\" title=\"Which IPOs have fresh issues?\">Which IPOs have fresh issues?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Is_the_IPO_GMP_reliable\" title=\"Is the IPO GMP reliable?\">Is the IPO GMP reliable?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/ipo-gmp-bonfiglioli-vs-tonbo-vs-sahajanand-medical-vs-zetwerk-dates-price-band-key-details\/#Should_I_apply_based_on_the_IPO_GMP\" title=\"Should I apply based on the IPO GMP?\">Should I apply based on the IPO GMP?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"IPO_GMP_and_Dates_Four_IPOs_One_Calendar\"><\/span><strong>IPO GMP and Dates: Four IPOs, One Calendar<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Event<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Date<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Anchor bidding<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14 October<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One day, before the issues open<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">IPO opens<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">15 October<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">All four IPOs<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">IPO closes<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">19 October<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">All four IPOs<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Allotment<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 21 October<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Basis of allotment<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23 October<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">BSE and NSE<\/td>\n<\/tr>\n<\/table>\n<p>A combined issue size of about Rs 8,873 crore (my calculation) comes at a time when the Jio Platforms IPO is also targeted for the week of 19 October, so liquidity could be stretched.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Check the Univest Screener for live data on upcoming IPOs<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_GMP_Comparison_Price_Band_Issue_Size_and_Lot_Size\"><\/span><strong>IPO GMP Comparison: Price Band, Issue Size and Lot Size<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">IPO<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Price band (Rs)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Issue size<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Structure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Lot size and minimum<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bonfiglioli Transmissions<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">558 to 586<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,533.6 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Entirely OFS of 4.32 crore shares by Bonfiglioli SPA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">25 shares, Rs 14,650<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tonbo Imaging India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">665 to 700<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up to Rs 852 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Entirely OFS of 1.2 crore shares<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">21 shares, Rs 14,700 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sahajanand Medical Technologies<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">327 to 344<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 475.5 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Entirely OFS of 1.38 crore shares<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">43 shares, Rs 14,792<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Zetwerk<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">143 to 151<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,012 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Fresh Rs 2,830 crore plus OFS of 14.45 crore shares<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">99 shares, Rs 14,949<\/td>\n<\/tr>\n<\/table>\n<p>Three of the four IPOs are pure offers for sale, which means the company receives no money. Zetwerk is the only one raising fresh capital, which it plans to use for debt repayment, acquisitions and general corporate purposes.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track IPO GMP and subscription status live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_GMP_Data_What_I_Could_Find\"><\/span><strong>IPO GMP Data: What I Could Find<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">IPO<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">GMP found<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Zetwerk<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 30 (about 19.9%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Undated page; implied listing price about Rs 181 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bonfiglioli Transmissions<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not confirmed<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Data pages did not load<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tonbo Imaging India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not confirmed<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One page showed a figure with no usable price band, so I did not use it<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sahajanand Medical Technologies<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not confirmed<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">No GMP in the sources opened<\/td>\n<\/tr>\n<\/table>\n<p>IPO GMP, the grey market premium, is an informal, unregulated number that moves with demand and sentiment, so check a live source on the day you apply. A high IPO GMP is not a guarantee of listing gains.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Snapshot_Behind_the_IPO_GMP_of_the_Four_IPOs\"><\/span><strong>Financial Snapshot Behind the IPO GMP of the Four IPOs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">IPO<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Latest financials<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Valuation or size (reported)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Rough P\/E (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bonfiglioli Transmissions<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Six months to June 2026: profit Rs 148.6 crore (+29.2%), revenue Rs 1,131.9 crore (+17.9%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 11,016 crore at the upper band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 37x on annualised profit<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tonbo Imaging India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FY26: profit Rs 50.9 crore (-30%), revenue Rs 362.6 crore (-22.7%); Q1 FY27 loss Rs 17.7 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 4,010 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 79x on FY26 profit<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sahajanand Medical Technologies<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FY26: profit Rs 69.1 crore (+174.65%), revenue Rs 1,210.5 crore (+18.1%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 3,500 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 51x on FY26 profit<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Zetwerk<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FY26: total income Rs 16,100.63 crore, loss Rs 1,606.17 crore; June 2026 quarter loss Rs 732.98 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated in the sources<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not meaningful, loss-making<\/td>\n<\/tr>\n<\/table>\n<p>The P\/E figures are rough estimates from reported numbers and are not company disclosures. They show that Bonfiglioli is the only one of the four with growing profit and a mid-range multiple, while Tonbo and Zetwerk need extra caution.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Four_IPOs_in_Brief_Before_You_Check_IPO_GMP\"><\/span><strong>The Four IPOs in Brief Before You Check IPO GMP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Bonfiglioli Transmissions: a maker of gear motors, gearboxes and drive systems for industrial automation, off-highway mobility and wind. Lead managers are Axis Capital, BNP Paribas, ICICI Securities and Jefferies.<\/li>\n<li>Tonbo Imaging India: a Bengaluru defence electronics maker of thermal imaging cores, weapon sights and missile seekers. Lead managers are JM Financial and IIFL Capital.<\/li>\n<li>Sahajanand Medical Technologies: a Gujarat cardiovascular device maker of coronary stents, balloons and structural heart devices. Lead managers include Motilal Oswal, Avendus, HSBC and Nuvama.<\/li>\n<li>Zetwerk: a manufacturing and ecosystem business founded in 2018 with 26 manufacturing facilities in India, the US, Germany and Spain. Registrar is KFin Technologies.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Use_IPO_GMP_and_Key_Details_Before_You_Apply\"><\/span><strong>How to Use IPO GMP and Key Details Before You Apply<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Treat IPO GMP as a mood indicator, not a forecast.<\/li>\n<li>Check profit trend and valuation first, since a loss-making business needs a stronger reason to buy.<\/li>\n<li>Note the issue structure: an offer for sale gives the company no money.<\/li>\n<li>Check the lot size and your budget, as one retail lot costs about Rs 14,650 to Rs 14,950.<\/li>\n<li>Do not apply to all four IPOs just because they open together.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Risks_Across_the_Four_IPOs\"><\/span><strong>Risks Across the Four IPOs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Crowded calendar:<\/strong> Four issues and the Jio Platforms IPO in the same fortnight can split demand and weaken listings.<\/p>\n<p><strong>Losses:<\/strong> Zetwerk and Tonbo&#8217;s latest quarter both show losses, so listing gains rest on sentiment.<\/p>\n<p><strong>Offer for sale:<\/strong> Three IPOs bring no fresh money to the company, and existing investors are selling.<\/p>\n<p><strong>GMP errors:<\/strong> IPO GMP numbers differ across sites and can be stale.<\/p>\n<p><strong>Market weakness:<\/strong> The Sensex and Nifty 50 have been under pressure, which can hit listings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next\"><\/span><strong>What to Watch Next<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Anchor investor allotments on 14 October.<\/li>\n<li>Daily subscription numbers from 15 to 19 October.<\/li>\n<li>Updated IPO GMP on each day of the issue.<\/li>\n<li>Allotment status on about 21 October and listing on 23 October.<\/li>\n<li>The Jio Platforms IPO dates in the week of 19 October and their effect on IPO GMP.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Four IPOs, Bonfiglioli, Tonbo, Sahajanand Medical and Zetwerk, open on 15 October and close on 19 October, and the only IPO GMP I could confirm was Rs 30 for Zetwerk. Compare financials and valuation, not just the IPO GMP. Consult a SEBI-registered advisor before making any decision.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"When_do_the_four_IPOs_open_and_close\"><\/span><strong>When do the four IPOs open and close?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> They open on 15 October and close on 19 October, with anchor bidding on 14 October, allotment around 21 October and listing on 23 October.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_price_bands\"><\/span><strong>What are the price bands?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Bonfiglioli Rs 558 to Rs 586, Tonbo Imaging Rs 665 to Rs 700, Sahajanand Medical Rs 327 to Rs 344 and Zetwerk Rs 143 to Rs 151.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_issue_sizes\"><\/span><strong>What are the issue sizes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Bonfiglioli Rs 2,533.6 crore, Tonbo up to Rs 852 crore, Sahajanand Medical Rs 475.5 crore and Zetwerk Rs 5,012 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Zetwerk_IPO_GMP\"><\/span><strong>What is the Zetwerk IPO GMP?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A data page showed Rs 30 or about 19.9%, which implies a listing near Rs 181 on the upper band (my calculation). The page was undated.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_lot_size_of_each_IPO\"><\/span><strong>What is the lot size of each IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Bonfiglioli 25 shares, Tonbo 21 shares, Sahajanand Medical 43 shares and Zetwerk 99 shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_IPOs_have_fresh_issues\"><\/span><strong>Which IPOs have fresh issues?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Only Zetwerk, with a fresh issue of Rs 2,830 crore. The other three are entirely offers for sale.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_IPO_GMP_reliable\"><\/span><strong>Is the IPO GMP reliable?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is an informal, unregulated indicator that changes quickly and is not recognised by SEBI or the exchanges.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_apply_based_on_the_IPO_GMP\"><\/span><strong>Should I apply based on the IPO GMP?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This article does not constitute investment advice. IPOs carry risk. Consult a SEBI-registered financial advisor.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"When do the four IPOs open and close?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"They open on 15 October and close on 19 October, with anchor bidding on 14 October, allotment around 21 October and listing on 23 October.\"}},{\"@type\":\"Question\",\"name\":\"What are the price bands?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Bonfiglioli Rs 558 to Rs 586, Tonbo Imaging Rs 665 to Rs 700, Sahajanand Medical Rs 327 to Rs 344 and Zetwerk Rs 143 to Rs 151.\"}},{\"@type\":\"Question\",\"name\":\"What are the issue sizes?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Bonfiglioli Rs 2,533.6 crore, Tonbo up to Rs 852 crore, Sahajanand Medical Rs 475.5 crore and Zetwerk Rs 5,012 crore.\"}},{\"@type\":\"Question\",\"name\":\"What is the Zetwerk IPO GMP?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A data page showed Rs 30 or about 19.9%, which implies a listing near Rs 181 on the upper band (my calculation). The page was undated.\"}},{\"@type\":\"Question\",\"name\":\"What is the lot size of each IPO?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Bonfiglioli 25 shares, Tonbo 21 shares, Sahajanand Medical 43 shares and Zetwerk 99 shares.\"}},{\"@type\":\"Question\",\"name\":\"Which IPOs have fresh issues?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Only Zetwerk, with a fresh issue of Rs 2,830 crore. The other three are entirely offers for sale.\"}},{\"@type\":\"Question\",\"name\":\"Is the IPO GMP reliable?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is an informal, unregulated indicator that changes quickly and is not recognised by SEBI or the exchanges.\"}},{\"@type\":\"Question\",\"name\":\"Should I apply based on the IPO GMP?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This article does not constitute investment advice. IPOs carry risk. Consult a SEBI-registered financial advisor.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>IPO GMP and key details of four IPOs opening 15 October: Bonfiglioli, Tonbo, Sahajanand Medical and Zetwerk. Compare price band, size and risks.<\/p>\n","protected":false},"author":36,"featured_media":303210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[11407,11409,11408,1932,11410],"class_list":["post-303211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bonfiglioli-transmissions-ipo","tag-sahajanand-medical-ipo","tag-tonbo-imaging-ipo","tag-upcoming-ipos","tag-zetwerk-ipo"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["303210"],"rank_math_title":["IPO GMP: Bonfiglioli vs Tonbo vs Sahajanand vs Zetwerk"],"rank_math_description":["IPO GMP and key details of four IPOs opening 15 October: Bonfiglioli, Tonbo, Sahajanand Medical and Zetwerk. 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